Economy
Gwarzo in Court to Challenge Suspension as SEC DG
By Modupe Gbadeyanka
Federal Government has been dragged to the National Industrial Court sitting in Abuja by the suspended Director-General of Securities and Exchange Commission (SEC), Mr Mounir Gwarzo.
Joined in the suit filed by Mr Gwarzo are the SEC, Minister of Finance, Mrs Kemi Adeosun; and Attorney-General of the Federation, Mr Abubakar Malami.
Mr Gwarzo wants the court to declare his suspension from office by Mrs Adeosun in November 2017 as illegal.
Apart from that, he wants the court to order his reinstatement as the Director General of the nation’s apex capital market regulatory chief.
According to his counsel, Mr Abdulhakim Mustapha, the suspended SEC boss also wants to know if the Minister of Finance has the authority to remove him from office having been appointed by the President for the position and confirmed by the Senate.
When all these are determined and he is reinstated by the court, Mr Gwarzo wants the federal government to pay all his entitlements, emoluments, allowances and other perquisites of the office of DG of SEC for the entire period he was under suspension.
The former SEC boss was removed from office alongside two other senior officials of the capital market regulatory agency.
He was accused of paying himself the sum of N104 million as severance package after he was appointed as the DG of the capital market regulator in 2015 by former President Goodluck Jonathan following the resignation of the former occupier of the seat, Ms Arunma Oteh.
Mrs Adeosun had set up an Administrative Panel of Inquiry (API) to investigate and determine the culpability of the DG, explaining that Mr Gwarzo’s suspension was to allow unhindered investigation of fraud allegations levelled against him.
But in his suit yesterday, Mr Gwarzo wants the court to determine whether this panel of inquiry set up by the Minister was properly constituted, fair and impartial.
According to him, he would also want to know if the Public Service Rule, relied upon by the Minister to suspend him was applicable to persons holding the office of DG of SEC.
Mr Gwarzo’s troubles started when he ordered a forensic audit into activities of Oando Plc, an energy firm listed on the Nigerian Stock Exchange (NSE). This followed suspension of the company on the local bourse because a panel by SEC to look into petitions against the firm found it guilty of market infractions.
At a panel set up by the House of Representatives in January this year, Mr Gwarzo had alleged the Minister of Finance of having special interest in Oando Plc and Oasis Insurance Company.
“I was removed from office because I refused to discontinue the forensic audit of Oando Plc, which the Minister has interest in,” he had alleged at the hearing.
But responding, Mrs Adeosun described as ridiculous the erstwhile SEC boss’ claims.
“It is mischievous to link the matter to Oando,” the Minister had replied, emphasising that her action was mainly to “instilled confidence in the capital market, and made clear to investors that Nigeria takes seriously the issue of integrity, and that their funds, which we have worked hard to attract, are safe.”
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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